Newsletter January 2017

How long do you have to keep Tax Records?

Taxation

How long do you have to keep Tax Records?

The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:

Income Tax and Capital Gains Tax

If you are not in business

One year from the 31 January following the end of the tax year. For 2016-17, you would need to keep your records until 31 January 2019.

If you are in business – which includes rental income

Five years from the 31 January following the end of the tax year. For 2016-17, you would need to keep your business and other tax records until 31 January 2023.

A company subject to Corporation Tax

Six years from the end of an accounting period. For the year ending 31 January 2017 you would need to keep records until 31 January 2023.

VAT

You should keep records for at least six years.

PAYE

You should keep payroll records for three years after the end of a tax year. For 2016-17 this would be until 5 April 2020.

These deadlines can be extended if for example:
• You file your self-assessment tax return late
• A return is subject to an enquiry or compliance check
• Records relate to a transaction spanning more than one year

• An asset is bought which is expected to have a life beyond the time limit

Taxation


This Newsletter is also repeated in the Yaxley, Stanground and HamptonGazette’s
January 2017

How long do you have to keep Tax Records?

The length of time you need to keep tax records depends on the types of
income you earn and the types of tax you are paying. A list of time limits
is set out below:

Income Tax and Capital Gains Tax

If you are not in business

One year from the 31 January following the end of the tax year. For
2016-17, you would need to keep your records until 31 January 2019.

If you are in business – which includes rental income

Five years from the 31 January following the end of the tax year. For
2016-17, you would need to keep your business and other tax records until
31 January 2023.

A company subject to Corporation Tax

Six years from the end of an accounting period. For the year ending 31
January 2017 you would need to keep records until 31 January 2023.

VAT

You should keep records for at least six years.

PAYE

You should keep payroll records for three years after the end of a tax
year. For 2016-17 this would be until 5 April 2020.

These deadlines can be extended if for example:



  • You file your self-assessment tax return late
  • A return is subject to an enquiry or compliance check
  • Records relate to a transaction spanning more than one year
  • An asset is bought which is expected to have a life beyond the time limit
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